100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Summary Grade 10 Accounting: Control accounts and subsidiary levels $3.07
Add to cart
Quickly navigate to
Preview
  2.  
  3. 10th Grade
  4.  
  5. Accounting

Summary

Summary Grade 10 Accounting: Control accounts and subsidiary levels
 0 purchase
  • Course
  • Accounting
  • Institution
  • 10th Grade
  • Book
  • Accounting, Grade 10

I am really passionate about accounting. These notes will really help you to understand the theory behind the work that you are doing. It will enable you to see the bigger picture, and surely improve your grades.

Preview 2 out of 5  pages

Document information

  • No
  • Chapter 11
  • April 27, 2022
  • 5
  • 2019/2020
  • Summary

Subjects

  • accounting
  • grade 10
  • lifesaving summaries
  • neatly typed
  • colourful notes
  • control accounts
  • subsidiary ledgers

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

Written for

  • 10th Grade
  • Accounting
  • 200
All documents for this subject (43)

Seller

avatar-seller
ansunestolk1

Reviews received

Content preview

Procedures with regards to control
accounts & subsidiary ledgers
It is very important that a business should have good control over their debtors & creditors.
 An individual account is kept for each debtor in the Debtors Ledger & each creditor in
the Creditors Ledger.
 A summary of all transactions with debtors & creditors are made in the control
accounts: Debtors Control & Creditors Control accounts in General Ledger.
 A Debtors List is compiled from the balances of debtors’ individual accounts in the
Debtors Ledger. This list should be compared to the balance of the Debtors Control
account in the General Ledger.


Transactions with debtors
Credit sales Duplicate invoice DJ
Transactions
with debtors &
creditors take Payment by debtor & discount Duplicate receipt CRJ
place on a allowed
daily basis. Returns by debtor Credit note DAJ
These are
recorded on Dishonoured cheque Debit slip CPJ
source
documents & Interest received, discount Journal voucher GJ
then in the cancelled, bad debts
subsidiary Daily
journals. Transactions with creditors
Credit purchases Original invoice CJ

Payment to creditor & discount Cheque counterfoil CPJ
received
Returns to creditor Debit note CAJ

Interest paid, correction of Journal voucher GJ
errors

Posting from
subsidiary
Subsidiary ledger Journal posted
journals to
Debtors Ledger DJ, DAJ, CRJ, CPJ, GJ Daily
individual
accounts in
Creditors Ledger CJ, CAJ, CPJ, GJ
Debtors &
Creditors
Ledger takes
place on a
daily a basis to
keep accounts
up to date.

, Posting to the Control account Journals posted
control Monthly
Debtors control DJ, DAJ, CRJ, CPJ, GJ
accounts in the Creditors control CJ, CAJ, CPJ, GJ
General
Ledger, takes
place on a
monthly basis, Compile a Debtors & Creditors List at the end of each month, using
as it is a balances in subsidiary ledgers, compare the list totals with balances in
summary of all Debtors Control & Creditors Control accounts in the General Ledger.
the debtors’ &
creditors’
transactions
for that
month.
Monthly



Comparing control accounts to Debtors
& Creditors Lists & correcting errors
If there are differences when comparing control accounts to Debtors & Creditors Lists, an
investigation will be done & all errors and omissions will be corrected.


Error/Omission Example Correction

Error on source An invoice to debtor D Zama was Both the control account & the
documents or in overcast by R240 & entered as such in Debtors List will be incorrect. Deduct
journal entries the DJ. R240 from the debit side of the
Debtors Control account & deduct
R240 from the account of D Zama in
the Debtors List.


A credit note issued to debtor S Both the control account and the
Sindiwe was entered as R200 instead Debtors List will be incorrect. Deduct
of R150 in the DAJ. R50 from Debtor Allowances on the
credit side of the Debtors Control
account & add R50 to the account of
S Sindiwe in the Debtors List.


Incorrect posting to the An amount of R1 240 in the CJ was Only the account on the Creditors List
account of a debtor or posted as R1 420 to the account of is incorrect, not the Creditors Control
creditor Ranjit Traders – it is the correct account. The difference is R180, so
account, but the incorrect amount. R180 should be deducted from the
account of Ranjit Traders in the
Creditors List.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ansunestolk1. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $3.07. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$3.07
  • (0)
Add to cart
Added